E74 isn't covered by the warranty, the RRoD is.  He's telling you to red ring your system and then send it in.

Also, I'm pretty sure this isn't as widespread of serious as the OP makes it out to be.  I could google search people getting hit by flaming bird shit and come back with a lot of responses too.

I'm getting an elite this summer!

sometimes failure happens, yes it does happen more on the 360 then m$ or its supporters want it too. but it also happens on the ps3 ( blu-ray drives,yellow light of death and hdmi problems on stuff not working anymore after use).

I guess this proves american products suck

I am not sure, but I thought that's what i had wrong with my Xbox last month.  I bought it in September, so it is pretty new.  I have a Best Buy warranty that I think does cover things like this.  Anyway, I did not recall the error message that came up.  I was playing Rock Band and it froze in the middle of a song and one red light came on, on the bottom right.  I did some research and the only thing I could find that seemed similar was this hardware failure message.  I took some advice from the Xbox site and disconnected all the wires and HDD from the system, then reconnected them.  It has worked fine since. I think maybe the USB cable for the RB drum set wasn't plugged in all the way, maybe?  I dunno.  I am just happy it works now. 

I checked your theory out. If you google e74 the first 50 pages of hits are predominantly about the 360. Sadly, I failed to find even one account of someone being struck by flaming bird shit.

Then you're obviously doing it wrong.

i know we latin americans are like dirt to microsoft :(.

to fix it you have to send it to a family or someone you now in the US and he should try to get it fixed. and return it to you.

We need another sony is a sinking ship thread to balance it out.

E74 sounds E74yee , RROD has a better ring to it .

Can't we just call all 360 hardware issues RROD for simplicity ?